Has Your Car Or Truck Been Repossessed?
If you have been threatened with repossession of your car or truck – or if it has already been repossessed – filing bankruptcy may be the best way for you to keep your vehicle. Otherwise, your lender could sell it off and charge you for the balance of the loan.
A Lawyer With More Than 39 Years’ Experience
I’m attorney Steven Bilsky, with more than 39 years of experience with bankruptcy law here in Tennessee. I know how to use the bankruptcy laws to help people avoid repossession and eliminate debt. I can help you if your vehicle has been repossessed.
Have You Fallen Behind On Your Loan Payments?
Bankruptcy is a powerful tool that can put an immediate stop to repossession the moment you file. If your car or truck has already been repossessed, filing for bankruptcy stops the dealer from reselling it, and you may be able to get it back through the bankruptcy court.
What happens after you have stopped repossession by filing bankruptcy depends on your specific circumstances and the bankruptcy chapter under which you file.
- Chapter 13 bankruptcy allows you to put your late payments on a repayment plan without interest or penalties. If your loan is more than 910 days old, it may also be possible to cram down what you owe to reflect the current value of the vehicle.
- Chapter 7 bankruptcy may buy you time to catch up with your payments and may also allow you to refinance your auto loan with a new lender.
Eliminate Deficiency Balances
If your vehicle is still too expensive, and you must surrender it to your lender, bankruptcy can still help by protecting you from a deficiency balance. When you receive a car loan, you are obligated to repay the entire amount of the loan, not the value of the vehicle.
If the lender repossesses and sells your vehicle, they probably won’t receive the value of your loan balance. Without bankruptcy, they will come after you to collect that deficiency balance.
A Free Initial Consultation
The Law Office of Steven F. Bilsky is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.